An example would be giving a person a general power of attorney. For example, a specific power of attorney appointing an agent (attorney-in-fact) to sell a particular piece of real estate or a certain car would be the appointment of a special agent.Ī universal agent is authorized by the principal to do any act that can be delegated to a representative. For example, a person appointed as manager of a store is a general agent.Ī special agent is authorized by the principal to handle a particular business transaction or perform a specific act. Examples would be: testifying in court for another individual, making a will, and voting.Ī general agent is authorized by the principal to transact all the affairs of a particular kind of business. However, there are some acts that must be done in person and cannot be done by an agent. Actions of an agent may also give a principal rights against third persons.Īn agency can be created for the purpose of doing almost any act the principal could do. Actions of an agent can obligate the principal to third persons. For example an agent may negotiate and make contracts with third persons on behalf of the principal. © 2023 | Privacy Policy | Terms of Use.Agency is a relationship based on an agreement authorizing one person, the agent, to act for another, the principal. In addition, if the principal is looking to have someone only handle personal and business filings, a tax power of attorney should be used. These powers include:įor other nominations, a principal may assign power of attorney under a special circumstance with the limited form. Estates and other Beneficial Interests Īn advance directive, referred to as a “living will” or “medical power of attorney”, lets someone else handle health care decisions on someone else’s behalf and in line with their wishes.The financial transactions include, but are not limited to, Financial AffairsĪ durable or general power of attorney allows for any type of financial transaction to be handled by someone else. Any person who should become incapacitated through an accident or illness would need to make arrangements beforehand for their financial and medial affairs. Why Have Power of Attorney?Īccidents happen. Otherwise, it will only cancel upon the death of the Principal. Step 5 – Cancelling Power of AttorneyĪ Principal may terminate this arrangement by signing a Revocation Form. A power of attorney does not need to be recorded with any government office and is primarily held by the Principal and Agent(s). It is important for all parties involved to have copies of their form. Step 4 – Holding and Accessing Original Copies In most cases, a Notary Public will need to be used or Two (2) Witnesses. Step 3 – Signing RequirementsĪfter completing, you and the Agent(s) selected will need to check the bottom of the form for the requirements for authorization. *Incapacitation is defined as not being able to make rational and cognitive decisions knowing full-well of the consequences of such decided actions.
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